5 Most Shorted Stocks Right Now

In this piece, we will take a look at the five most shorted stocks right now. To find out what short selling is all about, head on to 16 Most Shorted Stocks Right Now.

5. Biomea Fusion, Inc. (NASDAQ:BMEA)

Short Interest Percentage: 40.04%

Biomea Fusion, Inc. (NASDAQ:BMEA) is a biotechnology firm seeking to treat cancer and diabetes. Its second quarter earnings marked a turnaround of sorts as the firm beat analyst EPS estimates for the first time after consecutive misses in the previous three quarters.

During June 2023, 21 hedge funds out of the 910 part of Insider Monkey’s research had held a stake in Biomea Fusion, Inc. (NASDAQ:BMEA). Bihua Chen’s Cormorant Asset Management is the company’s biggest stakeholder, courtesy of its $78.3 million stake.

4. Edible Garden AG Incorporated (NASDAQ:EDBL)

Short Interest Percentage: 41.29%

Edible Garden AG Incorporated (NASDAQ:EDBL) is an agricultural company that sells spices, vegetables, and other products. Out of its four latest quarters, the firm has missed analyst EPS estimates in two and the shares are rated Buy by Maxim Group – the only firm covering the stock.

Insider Monkey dug through 910 hedge fund portfolios and found four Edible Garden AG Incorporated (NASDAQ:EDBL) investors during Q2 2023.

3. Carvana Co. (NYSE:CVNA)

Short Interest Percentage: 46.47%

Carvana Co. (NYSE:CVNA) is a car retailer headquartered in Tempe, Arizona. Short sellers were in for some bad news on August 28 as the firm’s shares soared by 8% as Carvana Co. (NYSE:CVNA) scored a win in Illinois after a bill allowed home vehicle deliveries.

By the end of this year’s second quarter, 41 out of the 910 hedge funds surveyed by Insider Monkey had held the firm’s shares. Out of these, Carvana Co. (NYSE:CVNA)’s largest shareholder is Zachary Sternberg and Benjamin Stein’s Spruce House Investment Management through an investment worth $259 million.

2. Novavax, Inc. (NASDAQ:NVAX)

Short Interest Percentage: 49.12%

Novavax, Inc. (NASDAQ:NVAX) is a biotechnology company developing treatments for the coronavirus and other similar diseases. While the firm beat analyst EPS estimates for its second quarter, it cut full year guidance leading the shares to drop in the market.

17 out of the 910 hedge funds polled by Insider Monkey for 2023’s June quarter had bought a stake in Novavax, Inc. (NASDAQ:NVAX). Himanshu H. Shah’s Shah Capital Management is the company’s biggest investor courtesy of its $40.7 million stake.

1. BioXcel Therapeutics, Inc. (NASDAQ:BTAI)

Short Interest Percentage: 89.72%

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) is a biotechnology company that seeks to use AI to develop new medicines. The stock is down a painful 81% year to date, as the firm has faced difficulties in gaining share in the hospital market, cut down its workforce, reoriented its drugs to other diseases, and worked with the FDA to resolve issues for a drug trial.

Insider Monkey’s Q2 2023 database of 910 hedge funds revealed that six had invested in BioXcel Therapeutics, Inc. (NASDAQ:BTAI). Out of these, the firm’s biggest shareholder is Phill Gross and Robert Atchinson’s Adage Capital Management through a stake worth $13 million.

Disclosure: None.  You can also take a look at Billionaire Chris Rokos is Selling These 12 Stocks in 2023 and Buffett Stock Portfolio: Warren Buffett’s Recent Buys.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Follow Insider Monkey on Twitter